Trains sit at Lokmanya Tilak Terminus (LTT) in the Kurla suburb of Mumbai, India, (Photographer: Dhiraj Singh/Bloomberg)

Ircon International IPO Subscribed 0.29 Times

The initial public offer of railways engineering and construction firm Ircon International was subscribed 0.29 times on the first day of bidding Monday.

The Rs 470.49-crore offer received bids for 28.9 lakh shares against the total issue size of 99.05 lakh shares, data available with the NSE showed. Non-institutional investors segment was subscribed 0.4 times and retail investors 0.86 times.

The issue, which would close on Wednesday, has been set in a price band of Rs 470-475 per share. IDBI Capital Markets & Securities Ltd, Axis Capital Ltd and SBI Capital Markets Ltd are managing the offer.

The shares of the company will be listed on BSE and NSE.

Also read: Ircon International IPO: Here’s All You Need To Know